Best quick loans for good credit
Splash
4.4
Credible Rating
Est. APR
-
Loan Amount
$5,000 to $35,000
Min. Credit Score
700
Pros and cons
More details
Splash is an online loan marketplace that connects personal loan applicants with partner lenders, including small banks and credit unions. Funds can be issued to eligible borrowers as soon as the next business day.
Splash offers flexible repayment terms and has excellent customer reviews on Trustpilot, but some borrowers may be eligible for loans with lower rates and fewer fees from other lenders. Here’s how to decide if Splash is right for you.
Best for quick loans for good credit
Money from a Splash loan could be in your account as soon as the next business day after you apply, if you’re approved the day you apply.
This makes Splash a good option for borrowers who need speedy funding for an unexpected expense, like a home or auto repair bill.
Note:
It’s best to have a FICO credit score of 700 or higher for approval. Some lenders, like Lightstream and SoFi, may offer same-day funding to similar borrowers.
Great for large loan amounts (on Splash’s website)
Splash offers loans up to $100,000 to well-qualified borrowers through its website (loans through Credible are available up to $35,000). Only a handful of other lenders offer loan amounts as large.
Pros and cons of Splash personal loans
Pros
- Quick funding
- Flexible repayment terms
- Excellent customer reviews
- Large loan amounts available
Cons
- Origination fee
- Higher starting APRs for excellent credit
- No cosigners
Pros
- Quick funding: With Splash, there’s a quick application process with funding available as soon as the next business day.
- Flexible repayment terms: Splash advertises terms between 2 and 7 years on its site. If you apply through Credible, terms between 3 and 6 years are available.
- Excellent customer reviews: Splash has a 4.8 rating on Trustpilot, with a reputation for a quick and easy application process.
- Large loan amounts available: Loans are available up to $100,000 when you apply directly on Splash’s website.
Cons
- Origination fee: Origination fees on Splash loans range anywhere from 0% to 12% of the loan amount. However, on the Credible platform, they range from 3.99% to 7.49%.
- Higher starting APRs for excellent credit: Splash’s APR range starts a few percentage points higher than some other lenders. But borrowers with excellent credit are most impacted by this and should compare rates from other lenders before applying with Splash.
- No cosigners: Like most lenders, Splash doesn’t offer cosigned loans. (A cosigner can help you qualify if you have bad credit or trouble qualifying on your own.)
How to qualify for a Splash personal loan
The requirements for a personal loan from Splash vary from lender to lender, but you generally must meet the following criteria:
Credit score and financial history
Your credit score is an important factor in getting approved for a personal loan with Splash. The best terms are reserved for borrowers with great credit and financial history.
Splash personal loans are best for people with good to excellent credit. However, you may be able to qualify for a loan directly through Splash’s website with a FICO score in the mid-600s.
Lenders also consider your debt-to-income ratio (DTI), which compares your monthly debt expenses to your income. Splash recommends a DTI below 30% to improve your chances of qualifying with one of its lenders.
Tip:
To calculate your DTI, add up your minimum monthly debt payments (minus rent or mortgage), and divide that number by your gross monthly income. Multiply by 100 to get a percentage.
Income and employment
You’re more likely to qualify for a Splash loan with an annual income of $45,000 or higher, as long as it’s sufficient to afford the monthly loan payments.
You may be asked for pay stubs or other proof of income or employment during the verification process.
Prequalifying for a Splash personal loan
A good first step with any lender is to prequalify to get a sense of the rates and terms you may be eligible for. For instance, Credible offers this option if you “check rates” through any of the links on this page.
If you prequalify on Splash’s website, you’ll be asked for:
- Personal identifying information
- Loan amount you’re applying for
- Purpose of the personal loan (debt consolidation, vacation, pay off credit cards, home improvement, major purchase)
- Employment (currently employed, unemployed, self-employed, contractor, retired, student)
- Whether or not you’ve taken cash advances from your credit card in the last six months
- Amount of your housing or rent payment
Once you’ve filled out the information, you’ll be presented with the loans you’re prequalified for. From there, you can choose a loan option and complete a full application with that lender.
Good to know:
Prequalification won’t hurt your credit, but it’s not a formal loan offer. You’ll need to submit a full application to get official rates and terms, which typically involves a hard credit pull and could ding your credit score for up to a year.
Learn More: Prequalifying for a Personal Loan: What To Know
Splash personal loan purposes
Splash personal loans can be used for a number of purposes, including:
- Debt consolidation
- Credit card refinancing
- Paying off credit card debt
- Large purchases
- Home improvement
Personal loans generally can’t be used to purchase investments, real estate or cryptocurrency, or to cover business expenses or post-secondary school expenses.
Splash personal loan fees and penalties
Splash Financial fees depend on its partner offers, which can vary:
Loan origination fees
Splash’s origination fees depend on the lender and can range from 0% to 12% when you apply directly on Splash’s website. If you apply through Credible, the range is 3.99% to 7.49%.
No early repayment penalties
Most lenders don’t charge prepayment fees, but it’s best to check for any restrictions on paying off your loan in full before the due date.
How Splash compares to other lenders
Splash is comparable to other fintech lenders who have an automated lending process, such as Lending Club and Upgrade. Here’s how they compare.
Credible rating
Credible rating
Credible rating
What you get from each lender may be different, but prequalifying with multiple lenders can help you choose one to apply with.
How to contact Splash
If you want to contact Splash Financial directly, you can call, email, or message the company.
- General information:
- Phone: 800-349-3938 from 9 a.m. to 9 p.m. EST Monday through Friday.
- Email: [email protected]
- Borrower support:
- Phone: 928-550-6295 from 9 a.m. to 6 p.m. EST Monday through Friday.
- Email: [email protected]
- Chat: From 9 a.m. to 8 p.m. EST Monday through Friday. Follow the link here.
About Splash personal loans
Splash is an online loan marketplace founded in 2013 in Cleveland, Ohio. It connects loan applicants with a wide range of partner lenders, including small banks and credit unions.
In addition to personal loans, the company also offers student loan refinancing, in-school student loans and medical school refinancing.
Rating Splash personal loans
Credible evaluated the best personal loan lenders based on factors such as customer experience, loan amounts, funding time, loan terms and fees. Credible’s team of experts gathered information from each lender’s website, customer service department, in-house resources and via email support. Each data point was verified to make sure it was accurate at the time of publication.
Learn more about how Credible rates lenders by exploring our Personal Loans Lender Rating Methodology.
FAQ
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